How do you fix display that is partially covered in white?

After an insignificant drop, my iPod's display screen is now 75% covered in white. There are also thin colored lines running lengthwise down the display.

When I twist the iPod the white moves, but still covers most of the display.

I believe that the iPod is still functioning, as I am able to (in the area that the white is not covering) choose apps and they do appear (only partially of course where the white is not covering).

I purchased the iPod last Christmas and would hate to replace it with a new one if not necessary.

Any suggestions? Is there, perhaps, a part that I can install to correct this issue?

Any advice is greatly appreciated!